Aig Subsidiaries Receive Approvals from Chinese Regulators for Guangdong And Jiangsu Provincial Expansion
May 15, 2006
NEW YORK - American International Group, Inc. (AIG) announced today that its life and general insurance subsidiaries in China, American International Assurance Company Limited and AIU Insurance Company Inc., respectively, have received approvals from the China Insurance Regulatory Commission (CIRC) for expansion throughout Guangdong province. Approval has also been received for its life insurance subsidiary for expansion throughout Jiangsu province. The approvals enable branches of the two AIG subsidiaries to expand in Guangdong province and Jiangsu province.
Guangdong province and Jiangsu province, with populations of 91 million people and 74 million people respectively, are two of the top three Chinese provinces in terms of total economic activity. With their burgeoning middle classes, these provinces have a growing need for insurance products catering to both the individual and small business sectors.
Commenting on today’s announcement, AIG Senior Vice Chairman, Life Insurance, Edmund S.W. Tse said, “These approvals will lead to a much larger sales base for AIG companies in China. Since AIG’s return to China in 1992, we have witnessed the tireless efforts of the Chinese government and insurance regulators to promote and develop their insurance industry. With our financial strength, emphasis on hiring, training and promoting local staff, agency training, and longstanding commitments to the China market, AIG is extremely well positioned to offer quality insurance products and services in these markets. We are pleased to extend AIG’s reach in these two major provinces, and look forward to providing additional financial security to Chinese people.”
An AIG subsidiary was the first foreign insurance organization to receive a license to operate an insurance business in China in 1992. Today, AIG companies have life insurance businesses in Shanghai and Beijing, as well as in Guangzhou, Foshan, Shenzhen, Dongguan and Jiangmen in Guangdong province, and in Suzhou in Jiangsu province. AIG’s general insurance subsidiary has offices in Shanghai, and in Guangzhou, Shenzhen and Foshan in Guangdong province.
American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed in the U.S. on the New York Stock Exchange as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
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